There’s been some talk on the Radar back-channel springing from John Battelle’s quoting, during his interview of Rupert Murdoch and Chris DeWolfe, the statistic that “12% of Internet usage in the U.S. is on MySpace.” A simple — but misleading — extrapolation would be that if 12% of U.S. Internet traffic is worth $580 million (roughly what News Corp. paid for MySpace), then the total value of that market would be around $5 billion. That’s a tremendous understatement, as Google’s valuation shows. And it suggests that, despite the chatter at the time of the acquisition, it looks like the MySpace purchase is, already, quite a bargain for News Corp.
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